Despite the efforts of all concerned it is often the case that a company will need to close due to financial difficulties. In such circumstances it is imperative to have a clear plan in place to make the process go as smoothly as possible.
Some important areas to be included in any plan include tax, paying suppliers, customer accounts and dealing with outstanding rental and lease agreements.
Support Is available and it’s never too late to put a closure plan in place
Closing a company can be a daunting prospect, compounded without the right help and guidance.
You should consider appointing a solicitor, financial advisor and an accountant to take care of the financial and legal implications.
One area that should never be overlooked is the settlement of outstanding payments. Failing to collect money owed will make it more difficult to settle debts due to HMRC, creditors and employees as well as other outstanding business costs.